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Saudi Oil Minister says $70-$80 a Barrel ‘Ideal’

Saudi Arabia : 07 June 2010

Saudi’s Minister for Oil, Ali Al Naimi, has said he believes the ideal range for the price of a barrel of oil lies between $70 and $80, although $75 is ‘the best price.’  He said that such a price was necessary for ‘delivering the revenue’ required for economic stability in the Kingdom.

Naimi said that Saudi’s daily output of oil was approximately 8.05 million barrels, but many industry analysts estimate output to be nearer 8.15 barrels or even higher. 

Today US crude hit $72 per barrel and in the past month the price has dipped below $70 a barrel.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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